Business News

Sunday, 09 August 2020 05:10

Nigeria’s refineries post N406.62bn loss in two years

The four refineries owned by Federal Government made a total loss of N406.62bn in two years, latest audited financial statements of the plants have shown. The refineries, located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below installed capacities. The country relies largely on importation for refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs. Kaduna refinery recorded a loss of N64.34bn in 2018, down from N111.89bn in 2017, according to its financial statement. Warri…

Saturday, 08 August 2020 04:03

Prices of poultry, fish feed rise after CBN’s forex restriction

Prices of poultry and fish feed have increased across the country weeks after Central Bank of Nigeria stopped issuance of forex for the importation of maize. Traders and farmers attributed the hike in prices to the scarcity and sudden increase in the cost of the grain. A market survey in Abuja and Akwa Ibom showed that a 25kg bag of poultry feed called “Starter” that sold N4000 before now, has since risen to N4200. The feed meant for older birds, called finisher, now goes for N4000 from the previous price of N3700. Also, a 15kg bag of Nigerian-made fish feed…

Saturday, 08 August 2020 03:57

What's your leadership style? Task or people?

There is a fundamental choice that leaders make--consciously or unconsciously--when leading people. You either lean toward orienting around tasks or prioritize supporting people. Understanding how these dynamics work will help you not just become a better leader, but also build a better executive leadership team for your business. Let's start by defining what I mean by "task oriented" versus "people centric." 1. Task oriented If you're task oriented as a leader, it means your priority is on driving outcomes. You use data to help you make logical and objective decisions, and you hold people accountable to their results. Some might…

Friday, 07 August 2020 04:24

FG monthly Savings Bond offers to resume - DMO

Debt Management Office (DMO) has announced resumption of its monthly Offers of Federal Government of Nigeria Savings Bond (FGN Savings Bond) effective August 2020. DMO suspended the Offers of FGN Savings Bond in April due to the restrictions on activities and movement as part of measures adopted by government to curtail spread of Covid-19. In a statement on Thursday, DMO invited investors to look out for advertisements of the Offer for Subscriptions in various newspapers and DMO’s website. It said, “The Offer for Subscription will open on Monday, August 10, 2020, and close on Friday, August 14, 2020. “Investors are…

Friday, 07 August 2020 04:13

For great remote leaders, actions speak louder than words

Charisma matters less than reliability and helpfulness when you're leading remotely, new research finds. Whenever researchers put a bunch of study subjects in a room and ask them to choose a leader, the same thing happens. Whether the participants are HR experts evaluating potential executive hires, MBA students working on a group project, or primary voters discussing who they're supporting in the next election, people seem hard-wired to choose the most confident and charismatic contender as most suited for leadership. But these days, thanks to the pandemic, most of us are spending very little time together in rooms with other…

Thursday, 06 August 2020 04:36

NNPC sold N2.37trn petrol in 13 months

In 13 months, Nigerians spent N2.37 trillion on petrol imported into the country by Nigerian National Petroleum Corporation, data released by the corporation have shown. The corporation said on Wednesday that its total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at N2.39tn. It disclosed that petrol contributed about 98.84 per cent of total sales with a value of N2.37tn. The corporation said it made N92.58bn through the sale of petrol in May 2020. It said the revenue from petrol sale was generated through its subsidiary, Petroleum Products Marketing Company, as…

Wednesday, 05 August 2020 05:38

Consumers to pay more for petrol as ex-depot price rises by N6

Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest. Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Mr Abubakar Maigandi, who spoke with journalists, said the agency raised the previous depot price for petrol from between N132 – N133 per litre by N6 per litre. He said the agency has officially approved an ex-depot petrol price of N138.62 per litre for August. A source, who was also part of…

Wednesday, 05 August 2020 05:36

CBN releases healthcare fund limit for beneficiaries

Central Bank of Nigeria has set N500m as the maximum grant that a beneficiary can obtain under Covid-19 healthcare intervention fund. CBN disclosed this in the draft of its guidelines on healthcare research and development grant released on Tuesday. Part of the report on grant limit said, “Research activities; maximum of N50m and development/manufacturing activities: maximum of N500m.” The regulator said the disbursement under the scheme would be made to beneficiaries in tranches subject to approved milestones achieved. According to the draft guidelines, the timeframe for research activities should not be more than two years from the date of the…

Wednesday, 05 August 2020 05:35

Shippers’ Council halts cargo transfer charges

Nigerian Shippers’ Council, NSC, has directed immediate stoppage of arbitrary charges imposed on transportation of cargo to off-dock terminals, describing the act as unethical and unacceptable. The ports economic regulator also directed that “all transfer charges collected from consignees of cargoes transferred from seaport terminals to off-dock terminals, from June 1, 2020 to date, at the instance of the shipping companies/agencies, seaport terminal operators or off-dock terminal operators, without the consignees requesting for such transfer, must be refunded to the consignees immediately. NSC, in a statement signed by Deputy Director, Public Relations, Ms Rakiya Zubairu, expressed concern over the deluge…

Wednesday, 05 August 2020 05:31

4 critical lessons for anyone new to leadership

Chris Christoff All leaders make mistakes, just be sure to see them as opportunities for growth. Leadership is a concept that should be familiar to most of us. We are either leaders now, or we work under a management team at our current positions. Regardless of your circumstances, I'm here today to talk about how you can become a better leader. We will take a look at four essential tips you need to know if you're thinking about pursuing a career in management or starting your own business. Let's start by talking about one of the most important responsibilities you'll…

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Tuesday, 04 August 2020 05:01

Air Peace explains why it sacked 70 pilots, slashed workers’ salaries

Nigerian airline, Air Peace, has sacked over 70 pilots across its fleet. It also reduced staff salaries by up to 40 per cent. A member of National Association of Aircraft Pilots and Engineers craving anonymity disclosed this to one of our correspondents. The source said the number of sacked pilots was between 70 and 75 in total. The management of the airline, however, linked the pilots’ disengagement to the devastating impact of the Covid-19 pandemic. The pilots had, on July 22, protested a major pay cut after negotiations with the management over their remuneration broke down. A statement issued on…

Tuesday, 04 August 2020 05:00

Shoprite to sell majority equity in Nigeria business

In an “Operational and Voluntary Trading Update 52 Weeks Ended 28 June 2020” released on Monday, the company said it has been approached by “various potential investors”. The update partly read, “Despite difficult circumstances, in a year incorporating the Covid-19 lockdown and accompanying regulations governing trade, transport and operations, the Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4 per cent to approximately R156.9 billion. Like-for-like growth for the year was 4.4 per cent. “Following approaches from various potential investors, and in line with…

Tuesday, 04 August 2020 04:59

Nigerians' double blow: Currency woes and Covid-19

Entrepreneurs in oil-rich Nigeria are finding it difficult to weather the economic fallout of the deadly coronavirus pandemic and a plummeting currency. Amid the lockdown a dispute between Russia and Saudi Arabia sent the price of the fossil fuel tumbling, dragging down the value of the Nigerian currency with it. With the naira still volatile and a partial lockdown still in place, three business owners in the commercial hub of Lagos explain how they are coping. Marifa Witte: McKindergarten Opened a private pre-school two months before Lagos went into lockdown. Employs 10 staff. "We actually closed our doors before the…

Monday, 03 August 2020 05:38

Banks implement new CBN guidelines on debt recovery, jerk up lending rates

Deposit Money Banks on August 1 commenced implementation of Central Bank of Nigeria’s Global Standing Instruction which allows them to recover outstanding debts of debtors from other banks. Experts who spoke to our correspondent said the implementation would help to differentiate real wealthy businessmen from debtor businessmen. A former President, Trade Union Congress, Mr Peter Esele, said the guideline was long overdue but added that it was better late than never. He said, “The financial system has been abused and it is baffling that one man would be owing six banks in the same country; it can’t happen anywhere else.…

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